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Consumer Duty has been introduced to change the way companies engage and support customers across the industry.
At Reassured, we support the Consumer Duty and its principle of acting to deliver good customer outcomes for customers.
We want to support our customers in understanding the regulation, how it will impact our business and customers, and also confirm what changes we have made to conform with the new requirements.
The Consumer Duty was introduced by the FCA, as a set of regulations, to set a higher and clearer standard of consumer protection across the financial services industry.
The Duty also seeks to ensure that customers receive good outcomes wherever possible and that firms are providing evidence to prove these outcomes are being met.
The new rules apply to all firms who determine or have a material influence over customer outcomes.
As a large UK protection intermediary, we fit into this category.
Our primary purpose is to protect as many lives and families as possible should the worst happen because what we do, matters.
Our Agents tailor their approach to find the right protection to meet the needs and demands of our customers, including those who are vulnerable.
Under the Consumer Duty, firms need to provide customers with products and services that meet their needs and offer fair value.
This further includes the way in which we interact and communicate with our customers, therefore all communications should be easy to understand.
Finally, good outcomes are not just at point of sale, this also includes our after sales process and how we continue to support our customers.
Consumer Duty is made up of three key elements:
We have reviewed all of our products and services, customer communications whether written, digital or phone base, and processes to ensure that they comply with the new, making the necessary changes in line with the requirements of the Duty, specifically the four outcomes.
We have also taken careful consideration in reviewing our vulnerable customers process to ensure that they’re appropriately supported.
As a protection intermediary, we have also proactively engaged with the Insurers on our panel so we can ensure that we understand their readiness of meeting the Duty requirements and that our ongoing calibration is evidenced through our regular governance meetings, providing us with an opportunity to identify and discuss any areas that do not support the achievement of good customer outcomes.
This will enable us to demonstrate how we review and monitor good customers outcomes more clearly across the entire customer journey, alongside our own internal customer outcomes MI.
At Reassured, we believe that Consumer Duty provided an opportunity and enabled us to further enhance our customer engagement, services and product offering.
Consumer Duty protects all of our customers therefore we see the impact to be a positive one.
The Duty will however have an impact on how the industry serves its customers, particularly those who are vulnerable or susceptible to detriment due to their personal circumstances.
Examples could include
The above examples are not exclusive and vulnerability can look different to different people.
Everyone’s circumstances are unique which is why our Agents/ Advisers tailor their approach and provide support that is unique.
Our customers are firmly at the heart of Reassured as what we do matters by protecting many lives and families should the inevitable happens.
Our Agents/ Advisers are on hand to support you in finding the protection needs that suit your needs and demands, but also provide a service to you that’s unique.
We have many useful resources available that will help you understand the products and services we offer in more detail.
If you have any questions, concerns or just want to chat to one of our Agents/ Advisers about your protection needs, get in touch with us on 0808 239 3869.
